Southside is currently preparing a secure portal to accept PPP loan applications, as well as second draw applications for qualifying businesses. If you are a customer who intends to apply, please complete the form below so we may contact you when the SBA reopens the program and we begin accepting applications.
As a reminder, specific criteria must be met in order to apply for a first-time PPP loan or second draw. Please view the details applicable to each loan type below.
First-time PPP Loan Instructions for calculating your loan amount as well as the documentation required for each entity type can be found here.
Borrowers may receive a loan up to 2.5x monthly payroll costs;
Businesses must have less than 500 employees per entity;
The maximum loan amount is $2,000,000; and
501(c)(6) business leagues are eligible.
Second Draw PPP Loan Instructions for calculating your loan amount as well as the documentation required for each entity type can be found here.
Businesses must have experienced a 25% reduction in gross revenue in any quarter of 2020 when compared to the same quarter in 2019;
Borrower must have used or will use the full amount of their first PPP loan;
Borrowers in the Accommodations and Food Services industries (NAICS Code 72) may receive loans up to 3.5x average monthly payroll costs, all other industries will be at the original 2.5x monthly payroll costs calculation;
Businesses must have less than 300 employees per entity;
The maximum loan amount is $2,000,000; and
501(c)(6) business leagues are now eligible, provided they have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization’s total activities and have cost no more than $1 million during the most recent tax year that ended prior to February 15, 2020.
The SBA has a webinar available this week to discuss the new relief package for small business owners. Click here to access the appropriate webinar. If you have general PPP questions, you may submit them using the form here.
Paycheck Protection Program (PPP) Contact Form
Please complete the contact form below to receive information regarding a first-time or second draw PPP loan. By submitting this form, you understand that it is not a formal request or application for a PPP loan.
